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Page 4 of 4 ∑ In case of individual clients, maintain a system of verifying the true identity of their clients.

∑ In case of corporate clients, require a system verifying their legal existence and organizational
structure, as well as the authority and identification of all persons purporting to act in their behalf. ∑
Establish appropriate systems and methods based on internationally compliant standards and adequate
internal controls for verifying and recording the true and full identify of their customers. 10) What are the
Record-Keeping Requirements? All covered institutions shall: ∑ Maintain and safely store all records of all
their transactions for 5 years from the transaction dates; ∑ Ensure that said records/files contain the full
and true identity of the owners or holders of the accounts involved in the covered transactions and all
other identification documents; ∑ Undertake the necessary adequate measures to ensure the
confidentiality of such files; ∑ Prepare and maintain documentation, in accordance with client
identification requirements, on their customer accounts, relationships and transactions such that any
account, relationship or transaction can be so reconstructed as to enable the AMLC and/or the courts to
establish an audit trail for money laundering; ∑ Maintain and safely store all records of existing and new
accounts and of new transactions for 5 years from October 17, 2001 or from the dates of the accounts or
transactions, whichever is later; ∑ Anent closed accounts, preserve and safely store the records on
customer identification, account files and business correspondence for at least 5 years from the dates
they were closed; ∑ If a money laundering case based on any record kept by the covered institution has
been filed in court, retain said files until it is confirmed that the case has been finally resolved or
terminated by the court; and ∑ Retain records as originals in such forms as are admissible in court 11)
What are covered transactions? Transaction in cash or other equivalent monetary instruments involving a
total amount in excess of P= 500,000.00 within one (1) business day. 12) What are suspicious
transactions? Transactions, regardless of the amount involved, where the following circumstances exist:
a. there is no underlying legal or trade obligation, purpose or economic justification